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This Fintech breaks ground and wants to buy Frankfurter Bank

Usually banks buy fintech companies because of their innovations. For once it is the other way around, this bank should now belong to a fintech.

They have been working together for a long time, the Berlin Fintech Raisin and the Frankfurt MHB Bank. Because Raisin operates the fixed-term platform Weltsparen, through which customers deposit money into an account of MHB.

And now Raisin has announced that he wants to take over her partner. Raisin co-founder Tamaz Georgadze said this week to the German press agency: “The takeover makes it easier to connect other banks in the deposit business, to integrate distribution partners better and to dovetail services for customers.”

Well-known investors

Added to this is the banking license of MHB Bank, which is useful for the further expansion of Raisin. All parties involved have agreed to maintain silence about the purchase price of the bank with 4.3 million euros in sales in 2017.

But Georgadze told the news agency “Reuters”, from the last round of financing in the amount of 100 million euros, which participated in February in addition to well-known companies such as Thrive Capital and Index Ventures and the US payment service Paypal, was still significantly left something.

Now Raisin wants to invest specifically in the expansion of the banking business. The two companies, Raisin and the MHB, should remain independent companies even after the takeover. But if it ever comes to a purchase, still have to decide the German banking supervision and the European Central Bank.

Published inFintech

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